Twin Disc is forming a majority-owned joint venture with Niigata Engineering Company, Ltd., of Tokyo, Japan. Twin Disc has had a long-standing and mutually successful relationship with Niigata Engineering. The new venture, named NICO Transmissions Co., Inc., will be an engineering and marketing company supporting Twin Disc's expanding global marine product line as well as a distribution company for NICO's family of transmission products. Twin Disc also reported that it has sold its 25% ownership position in the Niigata Converter Company to Niigata Engineering and, as a result, will realize a pre-tax gain in its fiscal third quarter ending March 31, 2001. A portion of the gain, estimated to be approximately $2.7 million, will capitalize the new venture.